Financial Authorities "Promptly Prepare Support Measures for Living Stability Funds for Jeonse Fraud Victims"

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On the 20th, the Financial Services Commission discussed financial support measures for victims of jeonse fraud together with related organizations. This was to prepare follow-up support measures after the auction suspension measure announced the previous day by the 'Inter-Ministerial TF for Jeonse Fraud Victim Support.'

On the morning of the same day, the Financial Services Commission held a 'Meeting of Related Organizations for Financial Support for Jeonse Fraud Victims' at the Government Seoul Office in Jongno-gu, Seoul, chaired by Vice Chairman Kim So-young, with the Financial Supervisory Service, Korea Housing Finance Corporation, Korea Inclusive Finance Agency, and Korea Asset Management Corporation in attendance.

Attendees included Vice Chairman Kim, Secretary-General Lee Se-hoon, Director of Financial Policy Bureau Lee Hyung-joo, Deputy Governor of the Financial Supervisory Service Lee Joon-soo, Vice President of Korea Housing Finance Corporation Yoo Sang-dae, Deputy Governor of Korea Inclusive Finance Agency Choi In-ho, and Director of Korea Asset Management Corporation Kim Gwi-soo.

The participants first agreed that the Financial Supervisory Service would take the lead in meticulously managing the auction suspension measures to ensure they are implemented smoothly on the ground, while also establishing a window where victims of jeonse fraud can easily receive guidance and consultation on various financial supports, including the auction suspension.

Additionally, Korea Asset Management Corporation (KAMCO) plans to proceed without delay in postponing the sale dates for properties under auction in areas affected by jeonse fraud.

Furthermore, during the temporary response period secured by the auction suspension, discussions were held on additional financial support measures to help victims of jeonse fraud resolve fundamental difficulties related to housing and livelihood.

For victims of jeonse fraud who have taken out jeonse loans but face difficulties in repaying principal and interest after public or private auctions, active implementation of special debtor debt adjustment measures for those guaranteed by the Housing Finance Corporation’s jeonse loan guarantee, as well as providing special Bogeumjari loans at lower interest rates to secure auction funds, were discussed. The Korea Inclusive Finance Agency also plans to promptly prepare measures to actively provide financial support to stabilize the lives of jeonse fraud victims.

Vice Chairman Kim said, "Although the auction suspension measure has been implemented from today, for numerous financial companies and private debt management companies to faithfully comply, the Financial Supervisory Service must take the lead in close management together with related associations." He added, "The auction suspension measure has bought victims of jeonse fraud a brief time to prepare for housing stability, but to ensure this time is not wasted, various policy supports including housing and livelihood are crucial. Therefore, related agencies should promptly devise effective measures."

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